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Capital Gains Tax (CGT)

The CGT annual exempt amount will rise to £12,000 for the 2019/2020 tax year.
  From April 2020 letting relief will only be available to individuals who have shared occupancy with the tenant.
Also taking effect from April 2020, is a reduction to the final period exemption for principle private residence relief (PPR).  This will be reduced from 18 months to 9 months, meaning you will only have 9 months to sell a property once you have moved out to benefit from a full PPR exemption.
The qualifying period in which an individual must meet certain conditions to qualify for Entrepreneurs Relief will be increased from 1 year to 2 years for disposals on or after 6 April 2019.
There were no changes announced to the rates of CGT.

 

Planning should be undertaken before disposing of any assets to ensure that the annual exemption and any other available reliefs are taken advantage of.  Please contact a member of our Tax team on 01228 711888 if you have any queries or are thinking of making a disposal.